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What you should know before becoming an Airbnb host

Becoming an Airbnb host is an exciting opportunity, with a great financial benefit. However, it is important to be aware that hosting others on your property carries additional risks. The visitors to your property are unknown to you, and you cannot be completely sure that they will treat your property with respect. You’ve invested in your property and added all the features that attract visitors, including furniture, appliances, artwork, TVs, Wi-Fi systems and a host of other features. Protecting your investment could not be more important.

Risks vs. rewards

When planning to become an Airbnb host, think about what you hope to achieve. The extra income you can get must be weighed against the work you have to do to keep the property in good condition and the time it takes to be available to your visitors. Consider the time you spend on the property, along with the cost of maintenance against the income you earn.

Guest quality

The guests you allow on your property are hopefully clean, friendly and responsible. Unfortunately, some guests are a nightmare. They may invite others to visit and have a loud party, break valuables, start a fire, leave a faucet running leading to a flood… and the list goes on. Even the best guests will not respect your property the way you do and may damage your property. Along with the cost of repair, the stress can be a little more than expected.

Protect against losses with insurance

The idea behind an Airbnb is extra income, so protecting your property is of great concern. The types of insurance you have in place can save you from financial disaster when something goes wrong. Your home insurance does not cover damage to furniture, appliances or technology you have in your Airbnb. Meet with a local insurance agent to discuss how to put the right insurance policies in place, which may include business insurance, landlord insurance, liability insurance, supplements to your homeowner̵

7;s insurance, as well as personal property insurance if you are subject to theft or vandalism. Each insurance company offers different levels of protection.

Damage to your property

A guest can be injured while staying at your property and hold you responsible for their medical bills, lost wages and other losses. You must ensure that you are fully protected against this risk if you plan to offer an Airbnb to travelers to your region. Personal liability insurance provides protection in the event of an accident on your property, and the cost of defending against a lawsuit. Personal umbrella liability insurance adds an extra layer of protection. All of these possibilities should be fully discussed with your insurance agent and a plan that is both affordable and covers a range of risks.

Everything is in the fine print

An insurance policy is a legal document with fine print pages. Few people read these policies or fully understand what is and isn’t covered. With the help of an insurance agent, your choice of insurance is much safer – much better than clicking a button on a website that offers quick, cheap coverage that may not do anything for you when you need help the most.

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